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| Sulzer Response to InCentive Capital Offer (30/03/2001, Media Release) |
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The Board of Sulzer acknowledges the publication by Incentive Capital of the terms of its proposed bid for Sulzer AG. Sulzer will study InCentive’s proposals and will give a fuller response in due course.
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| No incentive for Sulzer shareholders (30/03/2001, Media Release) |
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Sulzer has undertaken an initial review of the terms of the bid released today by InCentive Capital. The Board will provide a detailed response to shareholders before InCentive’s offer period starts on April 17. Sulzer, however, rejects InCentive’s proposals as being only in InCentive’s own interests. Furthermore, Sulzer believes InCentive leaves key questions unaddressed, which should be answered before proceeding further.
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| Sulzer Services renamed Optimo Service AG (27/03/2001, Media Release) |
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The local organization for internal services of Sulzer in Winterthur has been taken over by three executives through a management buyout. By founding the new company Optimo Service AG, headquartered in Oberwinterthur, about 180 Sulzer employees have been transferred to a new business environment.
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| Corporation, Sulzer Hexis |
| Sulzer Hexis signs sales agreements with leading German power suppliers (27/03/2001, Media Release) |
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At the largest International Sanitation and Heating Trade Fair (ISH) in Frankfurt/Main, Sulzer Hexis has presented its first fuel cell system for domestic heat and power generation. Sales agreements were signed here with leading German power suppliers for no less than 200 of these systems.
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| Leonardo Vannotti appointed Chairman of Board at Sulzer Ltd; Max Link becomes Chairman of Sulzer Medica Ltd (26/03/2001, Media Release) |
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Ueli Roost has announced his resignation with immediate effect as Board Chairman of not only Sulzer Ltd – as previously announced – but also of Sulzer Medica Ltd. Roost thereby intends to afford both companies the greatest possible freedom of action in their current phase of transitional realignment.
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| InCentive required to provide clarification (21/03/2001, Media Release) |
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The Swiss Takeover Board today published its decision regarding the pre-announced bid by InCentive Capital AG for Sulzer AG. The decision provides clarification on a series of issues that Sulzer had raised in its filing with the Takeover Board on March 2. However, a variety of issues remain open and the Takeover Board requires InCentive to provide clarification on these issues in its final bid document.
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| InCentive’s attempt to seek control of the board at the AGM is unacceptable – bid far too low (09/03/2001, Media Release) |
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At the annual press conference on March 9, 2001 Sulzer presented its concept of separating Sulzer and Sulzer Medica. The annual general meeting of Sulzer AG on April 19 is to decide upon the spin-off. This separation will result in two fully independent companies clearly focused on their respective core businesses. As has already been announced on February 23, Sulzer regards the public tender offer and related attempts to seek control of the board launched by InCentive Capital AG as unacceptable. The proposed bid undervalues the industrial businesses by far and offers no clear strategy.
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| Corporation |
| Operating income 2000 before exceptional items increases 35% year-on-year (09/03/2001, Media Release) |
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Sales increased 4% to CHF 5736 million (prior year: CHF 5519 million), and Sulzer operating income before goodwill and exceptional items increased by 35% from CHF 309 to 418 million. This is attributable to substantially higher contributions both from Sulzer Medica and Sulzer Industries. Sulzer Medica operating income before goodwill and exceptional items rose by 15% from CHF 234 to 270 million. Sulzer Industries operating income before goodwill and exceptional items rose by 97% to a record high of CHF 175 million (prior year: CHF 89 million).
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| Sulzer submits formal response to the takeover board (04/03/2001, ) |
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On Friday, 2 March Sulzer AG submitted its filing to the Takeover Board, responding to the pre-announcement published by InCentive Capital AG in relation to its intended take-over bid. This follows the rejection by Sulzer’s Board on 23 February of InCentive’s take-over approach. The submission of a formal response to the Takeover Board at this stage is the normal course of action in such situations.
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| Corporation |
| Only slight impact on hip sales in the US for the first two months of 2001 (02/03/2001, Media Release) |
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On December 8, 2000 Sulzer Orthopedics initiated the voluntary recall of certain lots of the shells immediately after the Company discovered an unacceptable level of residue of a mineral oil-based lubricant on the surface of some shells. Sulzer Orthopedics had determined that this residue may prevent the implant from properly bonding with the bone, causing the shells to loosen. The recall primarily concerns the US market of Sulzer Orthopedics. A number of lawsuits and class actions have been filed against Sulzer Orthopedics. The Company will defend itself against the certification of class action suits to address patients affected on an individual basis.
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